JK Cements turnover of R114 cr in 2017-18, highest in 5 years

GJ REPORT
SRINAGAR, MAY 16: State-owned corporation JK Cements has recorded highest ever revenue of R114 cr in 2017-18, highest in last five years. This was revealed during a review meeting of the corporation by the Vice Chairman, Nazir Ahmad Yatoo at Sonwar office here. The meeting was attended by the Managing Director JK Cements, FA&CAO, DGMs and other Heads of Marketing & Sales, IT and other wings. The Vice Chairman has apprised that the company achieved highest ever cement sales of 143837 MTs during the year with a sales value of R114 cr. As compared to previous financial year, the Corporation earned R22 cr more than 2017-18.
The Vice Chairman took the sectional review/feedback from the officials and was apprised that previous year 2017-18 was excellent in terms of clinker/cement production and losses during the said year shall be negligible in comparison to previous years. The meeting informed the VC about present financial crisis due to non-payment of advances by engineering Departments and amount of money that remains withheld with the Government Departments.
It was given out that an amount to the tune of 18 to 20 cr remains withheld with Government Departments, which has been termed as the sole reason behind current financial crisis in the corporation. A draft proposal was also prepared in the meeting to be submitted to the Government for overall revival of the company.